Thomas E Wiseman

This course considers whether maximizing total surplus is the right way of thinking about what is “good” for society and how one should evaluate a policy that is good for some members of society and bad for others.  For the many social interactions that take place outside of market environments, the course considers whether economic analysis can still be used to understand behavior in those settings and to design rules that will lead to better outcomes.

Prerequisites: Upper-division standing and Economics 304K with a grade of at least C-.

This course considers whether maximizing total surplus is the right way of thinking about what is “good” for society and how one should evaluate a policy that is good for some members of society and bad for others.  For the many social interactions that take place outside of market environments, the course considers whether economic analysis can still be used to understand behavior in those settings and to design rules that will lead to better outcomes.

Prerequisites: Upper-division standing and Economics 304K with a grade of at least C-.

OPEN TO NONMAJORS. TOPICS MAY INCLUDE ECONOMIC THEORY, APPLICATIONS, AND POLICY. ECONOMICS 330T AND 350K MAY NOT BOTH BE COUNTED UNLESS THE TOPICS VARY.
 

OPEN TO NONMAJORS. TOPICS MAY INCLUDE ECONOMIC THEORY, APPLICATIONS, AND POLICY. ECONOMICS 330T AND 350K MAY NOT BOTH BE COUNTED UNLESS THE TOPICS VARY.
 

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

1

ECO 304K

INTRODUCTION TO MICROECONOMICS

Unique # 33645

TTh 3:30-5, JES A121A

Fall 2009

Instructor: Thomas Wiseman

Office: BRB 2.114

Phone: 475-8516

Email: wiseman@eco.utexas.edu

Office hours: Wednesdays 9:30-11:30, Thursdays 2-3, and by appointment

TAs: To be announced ...

SI: This class will feature Supplemental Instruction discussion sections (SI). These optional

sessions will help reinforce and clarify course content PLUS help you to learn the

material more effectively. SI also gives you a smaller forum for discussing course

content and getting to know your classmates. Regular participation in SI discussion has

been shown to improve students' performance by an average of one-half to one full letter

grade. Meeting times and places are to be announced ...

Welcome (back) to the University of Texas at Austin!

Course overview:

consumers, firms, and markets. I expect that in the process, you will come to appreciate the great power

and some of the shortcomings of economic theory in explaining the world.

Textbook:

(Irwin/McGraw-Hill 2009, ISBN 978-0-07-340283-3). If you want additional resources, there are many,

many other textbooks that cover much of the same material in somewhat different styles.

NOTE: Amazon.com and some other online booksellers list the Miller text as being published in 2008

rather than 2009. Don't worry; it's the right book.

Exams:

exams, and a final exam. The dates and coverage of these exams are listed in the class schedule. The first

midterm will consist of short essay questions; the second midterm will have a mix of short essays and

multiple-choice questions; and the final exam will have all multiple-choice questions. You must bring a

#2 soft lead pencil to each of the exams and quizzes. You may bring a simple calculator, but not one that

is able to store and display text. No make-up exams will be given.

Story:

movie, or in your own life will be due on the last class day. (Hard copies only, please; no email

attachments.) In the first paragraph of your story, you should describe the event. In the second

paragraph, you should analyze how the event illustrates a specific economic concept that we covered in

class. (The following books provide examples of appropriate topics: Economics at the Movies by Dick

Mateer (Thomson 2005), and Economics is Everywhere by UT's Prof. Dan Hamermesh (Worth 2010).)

2

Course evaluation procedures:

? Quizzes 15%

o (We will drop your two lowest quiz grades, so that you may miss two quizzes without lowering

your average.)

? Midterms 20% each

o (If you miss a midterm, the 20% weight will be added to the final exam.)

? Final Exam 40%

? Story 5%

NOTE: Plus/minus grades will be assigned.

The Wiseman Award for Excellence:

you take both midterms, AND you turn in a passing story, you will receive an automatic A for the course.

Lecture capturing:

experiment, audio and projected material presented in class will be recorded and made available to

students enrolled in the class via Blackboard. To access this material, you will need to log into

Blackboard and click on the link for this class. Along the left hand side of the Blackboard page for this

class, you will see a link labeled "Class Capture." Click on this link to show all recordings available to

you.

To watch a recording, simply click on the link for that recording, re-enter your UTEID information and

select the version you want to watch. (Use High Speed if you have a fast internet connection and Low

Speed if you have a slower connection.)

Please remember that this is a trial of the lecture capturing system. It is possible that an issue might arise

that would prevent material from being made available in a timely fashion or at all. Also, please note that

all material presented is the intellectual property of the presenter and/or the University of Texas at Austin.

Any distribution of this material without the written consent of the property owner(s) is unlawful.

Special needs:

accommodations for qualified students with disabilities. To determine if you qualify, please contact the

Division of Diversity and Community Engagement, Services for Students with Disabilities at 471-6259.

If they certify your needs, I will work with you to make appropriate arrangements.

Policy on scholastic dishonesty:

subject to disciplinary penalties, including the possibility of failure in the course and/or dismissal from

the University. Since such dishonesty harms the individual, all students, and the integrity of the

University, policies on scholastic dishonesty will be strictly enforced. For further information, please

visit the Student Judicial Services web site at deanofstudents.utexas.edu/sjs/.

Summary:

however, will most likely pay off, so don't be discouraged. Utilize your fellow students, your TAs, and,

of course, me. It's my job to help you succeed.

Class Schedule

Thursday, August 27 Nature of economics 1

Tuesday, September 1 Demand and supply 2

Thursday, September 3 Equilibrium; Quiz 1 3

Tuesday, September 8 Equilibrium, elasticity 3, 4

Thursday, September 10 Elasticity; Quiz 2 4

Tuesday, September 15 Policy analysis 5

Thursday, September 17 Policy analysis; Quiz 3 5

Tuesday, September 22 Economic wealth 6

Thursday, September 24 Economic wealth; Quiz 4 6

Tuesday, September 29 Economic wealth 6

Thursday, October 1 Midterm 1

Tuesday, October 6 Costs 8

Thursday, October 8 Costs 8

Tuesday, October 13 Perfect competition 9

Thursday, October 15 Perfect competition, monopoly; Quiz 5 9, 10

Tuesday, October 20 Monopoly 10

Thursday, October 22 Oligopoly and game theory; Quiz 6 11

Tuesday, October 27 Oligopoly and game theory 11

Thursday, October 29 Midterm 2 Covers Entire Course So Far

Tuesday, November 3 Trade 7

Thursday, November 5 Trade 7

Tuesday, November 10 Externalities and environment 13

Thursday, November 12 Externalities and environment; Quiz 7 13

Tuesday, November 17 Incomplete information 15

Thursday, November 19 Incomplete information; Quiz 8 15

Tuesday, November 24 Inequality 16

Thursday, November 26 Thanksgiving

Tuesday, December 1 Government imperfections 12

Thursday, December 3 Review; stories due 17

See Registrar's website Final Exam Covers Entire Course

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.